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Fair Value Measurements | 12 Months Ended
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Dec. 31, 2025
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):
| December 31, 2025
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |
Money market funds and cash | $ | 37,541 |  |  | $ | — |  |  | $ | — |  |  | $ | 37,541 |
Certificates of deposit | — |  |  | 5,366 |  |  | — |  |  | 5,366 |
Commercial paper | — |  |  | 14,789 |  |  | — |  |  | 14,789 |
Corporate debt securities | — |  |  | 78,764 |  |  | — |  |  | 78,764 |
U.S. Treasury and agency securities | 84,522 |  | — |  |  | — |  |  | 84,522 |
Total assets | $ | 122,063 |  | $ | 98,919 |  | $ | — |  |  | $ | 220,982 |
| December 31, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |
Money market funds and cash | $ | 71,335 |  | $ | — |  | $ | — |  |  | $ | 71,335 |
Certificates of deposit | — |  | 5,042 |  | — |  |  | 5,042 |
Corporate debt securities | — |  | 83,955 |  | — |  |  | 83,955 |
U.S. Treasury securities | 67,623 |  | — |  | — |  |  | 67,623 |
Total assets | $ | 138,958 |  | $ | 88,997 |  | $ | — |  |  | $ | 227,955 |
Money market funds and U.S. Treasury and agency securities are valued based on quoted market prices in active markets, with no valuation adjustment. Commercial paper, certificates of deposit and corporate debt securities are valued taking into consideration valuations obtained from third-party pricing services. The pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities; issuer credit spreads; benchmark securities; prepayment/default projections based on historical data; and other observable inputs. The following table summarizes the estimated value of the Company’s cash, cash equivalents and marketable securities, and the gross unrealized holding gains and losses (in thousands):
| December 31, 2025
| Amortized cost |  | Unrealized gains |  | Unrealized losses |  | Estimated fair value
Cash and cash equivalents: |
Money market funds and cash | $ | 37,541 |  |  | $ | — |  |  | $ | — |  |  | $ | 37,541 |
Certificates of deposit | 5,366 |  |  | — |  | — |  |  | 5,366 |
Total cash and cash equivalents | $ | 42,907 |  |  | $ | — |  |  | $ | — |  |  | $ | 42,907 |
Marketable securities: |  |  |  |  |  |  |
Commercial paper | $ | 14,782 |  |  | 8 |  |  | (1) |  |  | $ | 14,789 |
Corporate debt securities | 78,687 |  |  | 81 |  |  | (4) |  |  | 78,764 |
U.S. Treasury and agency securities | 84,493 |  |  | 45 |  |  | (16) |  |  | 84,522 |
Total marketable securities | $ | 177,962 |  |  | $ | 134 |  |  | $ | (21) |  |  | $ | 178,075 |
| December 31, 2024
| Amortized cost |  | Unrealized gains |  | Unrealized losses |  | Estimated fair value
Cash and cash equivalents: |
Money market funds and cash | $ | 71,335 |  |  | $ | — |  |  | $ | — |  |  | $ | 71,335 |
Total cash and cash equivalents | $ | 71,335 |  |  | $ | — |  |  | $ | — |  |  | $ | 71,335 |
Marketable securities: |  |  |  |  |  |  |
Certificates of deposit | $ | 5,042 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,042 |
Corporate debt securities | 83,855 |  |  | 100 |  |  | — |  |  | 83,955 |
U.S. Treasury securities | 67,404 |  |  | 219 |  |  | — |  |  | 67,623 |
Total marketable securities | $ | 156,301 |  |  | $ | 319 |  |  | $ | — |  |  | $ | 156,620 |
As of December 31, 2025, no significant facts or circumstances were present to indicate a deterioration in the creditworthiness of the issuers of the available-for-sale securities. The Company generally holds its marketable securities until maturity and does not intend to sell, and is not required to sell, the investments that are in an unrealized loss position before the recovery of their amortized cost basis. For all securities with a fair value less than its amortized cost basis, the Company determined the decline in fair value below amortized cost basis to be non-credit related and no allowance for losses has been recorded. As of December 31, 2025, there were no individual securities that were in a significant unrealized loss position. To date, the Company has not recorded any impairment charges on available-for-sale securities. The Company has elected the practical expedient to exclude the applicable accrued interest from both the fair value and the amortized cost basis of its available-for-sale securities for purposes of identifying and measuring an impairment. Accrued interest receivable related to available-for-sale securities is presented in prepaid expenses and other current assets, separate from marketable securities, on the consolidated balance sheet. As of December 31, 2025 and 2024, accrued interest receivable was immaterial. The Company has made an accounting policy election not to recognize an allowance for credit losses for accrued interest receivables on available-for-sale securities and to write-off any uncollectible accrued interest receivable by recognizing credit loss expense. The Company has not written off any accrued interest receivables for the years ended December 31, 2025 and 2024. As of December 31, 2025, the amortized cost and fair value of marketable securities by contractual maturity were as follows:
| December 31, 2025 |  | December 31, 2024
| Amortized cost |  | Estimated fair value |  | Amortized cost |  | Estimated fair value
Maturing within one year | $ | 138,281 |  | $ | 138,395 |  | $ | 143,708 |  | $ | 144,018
Maturing in one to five years | 39,681 |  | 39,680 |  | 12,593 |  | 12,602
Total marketable securities | $ | 177,962 |  | $ | 178,075 |  | $ | 156,301 |  | $ | 156,620
The following table summarizes the change in the fair value of the embedded derivative instrument for the year ended December 31, 2025 and 2024 (in thousands). There was no activity for the year ended December 31, 2023.
| December 31,
| 2025 |  | 2024
Beginning balance | $ | 570 |  | $ | 849
Loss (gain) from changes in fair value | (139) |  | (279)
Ending balance | $ | 431 |  | $ | 570
The fair value of the Company’s embedded derivative instrument is based on significant inputs not observed in the market, and thus represents a Level 3 measurement. See Note 9 for further discussion on the embedded derivative instrument.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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